U.S. Small Enterprise Administration (SBA) Administrator Isabella Casillas Guzman introduced the Stage One “Catalyze” winners of the 2023 Progress Accelerator Fund Competitors. This nationwide initiative will award as much as $5 million in complete further prizes to fortify innovation ecosystems throughout america.

Forty organizations have been chosen as winners to foster strategic ecosystem partnerships in help of startup companies. Every of those organizations, together with their companions, will obtain an preliminary prize of $50,000. Moreover, they’re eligible to compete for a further $50,000 to $150,000 later this summer season.

Administrator Guzman highlighted the vital function of those winners in strengthening American startup ecosystems, particularly throughout a interval when the Biden-Harris administration is closely investing in American R&D, manufacturing, and future development industries. This initiative goals to drive American competitiveness, advancing an economic system that caters to all.

The Progress Accelerator Fund Competitors primarily focuses on facilitating connections throughout numerous networks. It goals to develop a thriving nationwide ecosystem that promotes equitable funding in progressive, excessive development small companies. The winners of Stage One have adopted methods to expedite the launch, development, and scale of STEM/R&D-focused small companies via inclusive approaches.

For the reason that program’s inception in 2014, the Progress Accelerator Fund Competitors has awarded 387 prizes amounting to over $19 million to 284 distinctive winners throughout 52 states and U.S. territories. This yr, the competitors is adopting a multi-stage strategy, with Stage One specializing in catalyzing an ecosystem round a particular theme. Apparently, this yr’s candidates included a various group from 45 U.S. states and territories, with 70 % being first-time candidates.

The 2023 Stage One prize winners come from 30 states, together with D.C. and Puerto Rico. Sixty-five % of those winners are first-time candidates, and half of them particularly help rural entrepreneurs. The competitors was centered on 4 theme areas – Nationwide Safety & International Competitiveness, Home Manufacturing & Manufacturing, Local weather & Renewable Power, and Underserved Communities.

Though the Stage One winners have been introduced, the Progress Accelerator Fund Competitors encourages extra partnerships. The competitors goals to unite organizations, entities, teams, and people past geographical boundaries to help innovators and foster innovation to confront right now’s challenges.

Organizations that weren’t chosen in Stage One, in addition to numerous native, regional, and nationwide entities from any sector or location, are eligible to attach with Stage One winners to develop “Progress Accelerator Partnerships” for Stage Two prizes. The upcoming money prizes, starting from $50,000 to $150,000, will bolster these partnerships, strengthening innovation ecosystems, and accelerating the launch, development, and scale of numerous STEM/R&D-focused small companies.

The SBA will likely be internet hosting three alternatives to help networking with Stage One winners: an internet 2023 Progress Accelerator Fund Competitors Contact Listing, digital Progress Accelerator Fund Companion Pitch Periods, and an in-person Meet and Greet on the America’s Seed Fund SBIR/STTR Spring Convention in June.

For small enterprise house owners, this can be a large alternative. Collaborating with Stage One winners to develop Progress Accelerator Partnerships might present an avenue to further funding, enhanced networking alternatives, and entry to assets wanted to help the expansion of your enterprise within the coming years. Keep tuned for additional developments on this thrilling initiative.

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